US Mortgage Applications Rose Last Week

Applications for U.S. home mortgages rose last week as both purchase and refinancing applications jumped, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 7.9 percent in the week ended Sept. 12.

The MBA’s seasonally adjusted index of refinancing applications climbed 10.3 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, rose 4.8 percent.

 
Fixed 30-year mortgage rates averaged 4.36 percent in the week, the highest level since June. They rose 9 basis points from 4.27 percent the week before.

“Application volume rebounded coming out of the Labor Day holiday, even as rates increased to their highest level in the last few months,” said Mike Fratantoni, MBA’s chief economist.

The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza